Meaning And Role Of Mis PdfBy Protadwiso In and pdf 10.04.2021 at 19:20 9 min read
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- Role of Management Information System in Banking Sector Industry
- What is MIS? Characteristics, Objectives, Role, Component
- Management Information System (MIS): Elements, Objectives and Limitations
Facebook is one of the most profitable businesses in the world, and its entire existence depends on the use of information technology and information systems. Other successful companies such as Google, Amazon, eBay, and Financial Institutions- most of their success is due to technology.
After reading this article you will learn about: 1. Meaning of MIS 2. Elements of MIS 3.
Role of Management Information System in Banking Sector Industry
To sum up, it is a group of processes through which data is obtained, sorted, and displayed in a useful way for decision-making purposes. These systems are typically are computer-based including either simple excel sheets or more complex platforms.
The information being collected and gathered for the system normally comes from both inside and outside sources. In banking also, the concept of the financial product has come in. The factors outrank the factors such as the location, interest rates, layout, banking hours, etc.
The bank has a broad range of customers like individuals, institutions, trusts, business organizations, Government, and local bodies. The banks deal with some transactions, which also vary widely regarding length and complexity. The bank customer, like any other service industry, is interested in getting final results quickly. For example, the time is taken for crediting the amount, withdrawal of cash, the sanction of a loan or credit facility, etc. The MIS in banking industry revolves around this aspect.
The customer of the bank would like to know the status of the account very fast to make decisions on withdrawals or payments. He is interested in obtaining the loan assistance for his particular need with a reasonable rate of interest. Some customers would be interested in tax consulting and tax planning.
Mother group of customers would be interested in investment guidance for investing in stocks and securities. To avoid the inconvenience of going to some places for payment of small amounts, customers need service at the counter to pay electricity bills, telephone bills, taxes and duties to the local bodies and the Government.
Hence, the MIS is to be designed to identify, decide and develop a service strategy for offering a distinctive service to the broad range of customers seeking a variety of service demands. The following points should be taken care of while designing an MIS for a bank:. The management of the bank should create a customer database and analyze the needs of the customers from time to time to create suitable service package.
Most of the customers use their account for routine payments affecting the balance. Many times the account holds a large amount and it is not transacted for any purpose. Based on these reports, the management of the bank should alert or warn the customer to act on his account to correct the situation. The personal and individual account holders need such a service badly as they have to manage their domestic or business activities in a tight money situation.
The MIS built around such demands would help not only the bank manager but also the account holder. It is, therefore, necessary to study the trend in the business industry and solicit the customers from the upcoming and growing business sector. The MIS should concentrate on data collection from various sources to analyze and conclude the future corporate strategy. Such information will help the banker to move out to talk to the customer to obtain business for the bank.
Such support will also reduce the risk of the account going into the red and bad debt. It is necessary to build the MIS applications to support the bank manager in making decisions to keep different norms and ratios within the acceptable limits. He should also get support through Decision Support Service to handle the problem of not meeting these legal standards.
With computerization, the service may become faster or quicker, but still, it requires a human touch and skill.
It is, therefore, necessary to upgrade the expertise and knowledge of the bank employees to offer proper service to the customers. The financial world changes so fast that retaining a client base is a challenge.
The financial service business is becoming competitive and offering an excellent, distinctive service is the only solution to improve the business prospects. The service has to be more aggressive for particular problem solving of the customers. The MIS should identify such needs and offer help to the management in designing training courses for the employees to improve their knowledge about banking and the financial world. In the banking industry, the traditional methods of real performance are at odds with good service.
An excellent financial performance may not necessarily mean a good service quality. The customers of the bank expect the service to be delivered in a smooth, problem-free, efficient and timely manner.
The managers in the bank have the service as well as the financial goals to achieve. It is, therefore, necessary to set the internal standards, accuracy, responsiveness and timeliness. The systems and the resources provided to meet these standards need monitoring, and the MIS will provide feedback on these standards so they can be regulated and controlled.
For example, a multinational bank has set standards on satisfying the queries in the first phone call, cheque clearance time, waiting time, etc. The MIS measures these standards and gives feedback on achievement or non-achievement. The customers choose a bank mainly on the following three factors: I. The ease of doing business. The quality of personnel and service. The range of the financial services. Operator — housewife, employee, the officer of the organization.
The range of service — savings, credit checking and payment, other financial services. Class of customers — income group, corporate bodies, etc.
Working hours — morning, afternoon, evening, etc. The MIS should give following reports to the management: The non-moving account. The account was having the balance of more than, say Rs. The account was going down below minimum balance. The regular payments not made. The routine credits not arrived. The defaults on loan repayment. The delays on crediting cheque amounts. A sudden rise and fall in the account movement.
What is MIS? Characteristics, Objectives, Role, Component
MIS is an organized integration of hardware and software technologies, data, processes, and human elements. It is a software system that focuses on the management of information technology to provide efficient and effective strategic decision making. What is MIS? MIS is a set of procedures which, when executed, provides information to support decision making. A Management Information System is. The system utilizes. MIS Meaning : A management information system is an acronym of three words, viz.
To sum up, it is a group of processes through which data is obtained, sorted, and displayed in a useful way for decision-making purposes. These systems are typically are computer-based including either simple excel sheets or more complex platforms. The information being collected and gathered for the system normally comes from both inside and outside sources. In banking also, the concept of the financial product has come in. The factors outrank the factors such as the location, interest rates, layout, banking hours, etc. The bank has a broad range of customers like individuals, institutions, trusts, business organizations, Government, and local bodies. The banks deal with some transactions, which also vary widely regarding length and complexity.
Management information systems MIS is a changing and challenging field. In business, management information systems or information management systems are tools used to support processes, operations, intelligence, and IT. MIS tools move data and manage information. They are the core of the information management discipline and are often considered the first systems of the information age. MIS produce data-driven reports that help businesses make the right decisions at the right time. While MIS overlaps with other business disciplines, there are some differences:. The concept includes what computers can do in this field, how people process information, and how best to make it accessible and up-to-date.
Management Information System (MIS): Elements, Objectives and Limitations
Managers at all levels of an organization rely on reports generated from these systems. MIS reporting is used by businesses of all sizes and in every industry. The liberalization and globalization, in which organizations are required to compete globally, has further enhanced the necessity for such a system. Second, information is doubling up every two or three years, a manager has to process a large voluminous data; failing which he may end up taking a strong decision that may prove to be very costly to the company.
Постараюсь быть краткой, - улыбнулась Сьюзан Флетчер. - Пожалуйста. Через десять минут Беккер уже сидел в буфете АНБ, жуя сдобную булку и запивая ее клюквенным соком, в обществе очаровательной руководительницы Отделения криптографии АНБ. Ему сразу же стало ясно, что высокое положение в тридцать восемь лет в АНБ нельзя получить за красивые глаза: Сьюзан Флетчер оказалась одной из умнейших женщин, каких ему только доводилось встречать.
Стратмор наклонился и, зачерпнув воды, смыл со своих рук частицы плоти Чатрукьяна. Его мечта о Цифровой крепости рухнула, и он полностью отдавал себе в этом отчет. Теперь у него осталась только Сьюзан. Впервые за много лет он вынужден был признать, что жизнь - это не только служение своей стране и профессиональная честь.
Все еще темно? - спросила Мидж. Но Бринкерхофф не ответил, лишившись дара речи. То, что он увидел, невозможно было себе представить.